Services
Audit & Assurance
Independent risk based assessment of business policies, processes, controls and governance practices of your organization
The need to manage risks is increasingly recognized as essential to effective corporate governance and in maintaining an effective system of internal control. Independent audit of laid out businesses processes, plays a key role in providing assurance that risks to the organization are properly managed. Risk-based auditing links internal audit to an organization’s overall risk management framework.
Risk based audit calls for shift from traditional method of identification of audit areas and conducting audit. In case of risk based audits focus is directed towards processes with significant risks or material controls weaknesses that could prevent achievement of business objectives. Apart from adopting a risk driven approach, high end data analytics and audit tools are adopted in conducting risk based audits.
Risk Based Internal Audit:
The objective of internal audit function is to provide management and the audit committee with ongoing assessments of the company’s risk management process and system of internal control and:
✦ Provides independent monitoring over key business risks (compliance, financial and operational)
✦ Reduces “surprises” and the risk of fraudulent activities
✦ Promotes best practices across the organization and enforces consistent application of those practices/policies
Using our Risk Based Internal Audit Methodology, we first understand the current organization structure, business processes and systems, followed by risk assessment and drawing up the internal audit plan based on assessment of risks. Audit is conducted as per plan using advanced tools and observations are reported to the management of the company to frame appropriate action plans.
Our Risk Assessment and Internal Audit plan captures emerging and advanced risk management areas such as governance risk, strategic risk, fraud risk, information technology risk and internal financial controls.
✦ Provides independent monitoring over key business risks (compliance, financial and operational)
✦ Reduces “surprises” and the risk of fraudulent activities
✦ Promotes best practices across the organization and enforces consistent application of those practices/policies
Using our Risk Based Internal Audit Methodology, we first understand the current organization structure, business processes and systems, followed by risk assessment and drawing up the internal audit plan based on assessment of risks. Audit is conducted as per plan using advanced tools and observations are reported to the management of the company to frame appropriate action plans.
Our Risk Assessment and Internal Audit plan captures emerging and advanced risk management areas such as governance risk, strategic risk, fraud risk, information technology risk and internal financial controls.
Co-sourced Internal Audit:
Pace provides flexible options on the basis of which organization can engage us and benefit from our audit services. We can be involved either on fully out-sourced basis or on co-sourced basis supporting the existing Internal Audit Function of the Company, thereby enabling you to leverage our team of experienced auditors. On co-sourced model basis, our service deliverables will be as per the client engagement, including but not limited to the below:
✦ Performing risk or controls assessment and developing the internal controls or risk assessment frameworks
✦ Support preparation of the Internal Audit Plan
✦ Conduct audit in accordance with the laid out guidelines and submit the internal audit report with findings
✦ Discuss findings with the management along with recommendations and
✦ Assist in the monitoring of the implementation of the management action plans
✦ Preparation Internal Audit Manual
✦ Support annual review of the risk –based audit plans for evaluation of the audit universe
✦ Performing risk or controls assessment and developing the internal controls or risk assessment frameworks
✦ Support preparation of the Internal Audit Plan
✦ Conduct audit in accordance with the laid out guidelines and submit the internal audit report with findings
✦ Discuss findings with the management along with recommendations and
✦ Assist in the monitoring of the implementation of the management action plans
✦ Preparation Internal Audit Manual
✦ Support annual review of the risk –based audit plans for evaluation of the audit universe
Process Audit:
Internal audit is required to be conducted in accordance with the statutory requirement and as an enhanced corporate governance practice. Apart from the standard Internal Audit, management audits can be conducted in different ways depending on the intended objective as well as the breadth and depth desired.
Process audit is used to perform a more in-depth audit and is generally recommended for higher risk areas. A process-based audit involves the following:
✦ Understanding the process and identifying all key risks and controls (e.g., operational, financial, compliance)
✦ Assessing the adequacy of design of controls in the process
✦ Evaluating the efficiency and effectiveness of the process
✦ Performing transactional testing to determine if the controls in place are operating effectively and assess the potential impact of a control breakdown to the company.
Process audit is used to perform a more in-depth audit and is generally recommended for higher risk areas. A process-based audit involves the following:
✦ Understanding the process and identifying all key risks and controls (e.g., operational, financial, compliance)
✦ Assessing the adequacy of design of controls in the process
✦ Evaluating the efficiency and effectiveness of the process
✦ Performing transactional testing to determine if the controls in place are operating effectively and assess the potential impact of a control breakdown to the company.
Transaction Testing Audit:
This audit focuses specifically on the effectiveness of transaction-level controls in accordance with business policies and procedures and does not include an evaluation of the process of the Company. Transactional testing audits involve the following:
✦ Reviewing transactions for completeness and accuracy
✦ Reviewing transactions for proper approval
✦ Reviewing transactions for compliance with corporate policy
✦ Reviewing transactions for completeness and accuracy
✦ Reviewing transactions for proper approval
✦ Reviewing transactions for compliance with corporate policy
Fraud Audit:
Fraud audit is a detailed examination of the financial records of a business with the intent of finding instances of fraud or evidencing the suspicious point identified by the company. This audit is more detailed than a normal audit, since it involves looking out of the books to find out evidences of fraudulent transactions and considerations to the nature of assets or materiality of the amount is not given. Audit techniques are more probing and interview driven, which may involve internal and external people too. Our services include:
✦ Develop Fraud Risk Controls Framework
✦ Periodic evaluation and testing of the Fraud Risk framework
✦ Fraud Audit
✦ Develop Fraud Risk Controls Framework
✦ Periodic evaluation and testing of the Fraud Risk framework
✦ Fraud Audit
Assurance Services:
Balance Sheet audit or assurance services of Pace, enables organizations to evaluate and assess the true value of the receivables and payables through its unique.
“Reconciliation services” In these, each line items of the Ledgers are reviewed with the Customer and Vendor Ledgers for genuineness of business transaction with respect to sales, purchases, returns, discounts, damages, credit note ,debit note issued against agreed business terms.
Working capital management being one of the key focus areas for any type of businesses, such in-depth reconciliation services, help businesses to understand its correct financial position. In addition to the Reconciliation services, Pace specializes in providing various other assurance services as below:
✦ Ind-AS or Compliance to Accounting Standards
✦ Testing the Operating Effectiveness of Internal Financial Controls Framework
✦ Review of Internal Controls Framework
✦ Review of Enterprise Risk Management Framework
✦ Physical Verification of Fixed Assets and Inventory
“Reconciliation services” In these, each line items of the Ledgers are reviewed with the Customer and Vendor Ledgers for genuineness of business transaction with respect to sales, purchases, returns, discounts, damages, credit note ,debit note issued against agreed business terms.
Working capital management being one of the key focus areas for any type of businesses, such in-depth reconciliation services, help businesses to understand its correct financial position. In addition to the Reconciliation services, Pace specializes in providing various other assurance services as below:
✦ Ind-AS or Compliance to Accounting Standards
✦ Testing the Operating Effectiveness of Internal Financial Controls Framework
✦ Review of Internal Controls Framework
✦ Review of Enterprise Risk Management Framework
✦ Physical Verification of Fixed Assets and Inventory
